CrowdStrike shares spike after first quarterly report since global outage

Published: Aug 27, 2024 Duration: 00:03:37 Category: News & Politics

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WE ARE GOING THROUGH IT. WE'LL BRING YOU THOSE NUMBERS. WE'VE GOT THEM. LET'S GET TO STEVE KOVACH WITH THOSE NUMBERS. >> LIKE YOU SAY, WE'RE SEEING THE STOCK UP NEARLY 5% ON THESE NUMBERS. WE CANNOT COMPARE IT TO ESTIMATES QUITE YET. EPS IS COMING IN AT $1.05 ADJUSTED AND REVENUE COMING IN AT $964 MILLION ADJUSTED. SHARES BACK A LITTLE BIT. WE'RE GOING TO KEEP DIGGING THROUGH AND SEE WHAT THEY SAY ABOUT THE I.T. OUTAGE. I'LL SEND THINGS BACK TO YOU FOR NOW. >> THANK YOU. WE'LL LOOK FOR MORE. PATRICK, TO YOU ON THIS ONE, AND REALLY LOOKING AT THE OVERALL ENTERPRISE LANDSCAPE RIGHT NOW. THERE SEEMS TO BE A LOT OF UNCERTAINTY, BUT A SPECIAL KIND OF UNCERTAINTY AROUND A NAME LIKE CROWDSTRIKE THAT HAD THAT BIG OUTAGE THAT BROADLY AFFECTED SO MANY CUSTOMERS. IF WE JUST PUT NVIDIA TO THE SIDE AND LOOK AT WHAT THE ENTERPRISE ITSELF IS DOING IN THIS ECONOMIC ENVIRONMENT, HOW STRONG IS DEMAND? HOW STABLE? >> YEAH, SO RIGHT NOW THE DOWNSTREAM EFFECTS OF AI OR THE OPPORTUNITY FOR AI, IT CHANGED EVERYTHING. WHAT YOU HAD IS BOARD DIRECTIVES COMING DOWN AND SAYING, LISTEN, PAUSE EVERYTHING FOR A WHILE UNTIL WE FIGURE OUT THIS AI STRATEGY. WE HAVE THAT. AND THEN YOU HAVE FOLKS ESSENTIALLY SAYING, HEY, WE BOUGHT ALL THIS STUFF DURING COVID, WE NEED TO CHEW THROUGH IT AND GET BENEFIT FROM THAT. MARC BENIOFF HAS BEEN TALKING THROUGH THAT. BUT RIGHT NOW EVERYTHING IN ENTERPRISE IS FOCUSED ON AI. THEIR BUDGETS ARE BEING REDUCED, NON-AI BUDGETS, TO MAKE WAY FOR THOSE AI BUDGETS. AND THAT CAN BE INFRASTRUCTURE, THAT'S SOFTWARE, AND THAT'S SERVICES. >> OKAY, PAUL, ON CROWDSTRIKE'S RESULTS SO FAR, THE STOCK IS HIGHER AND THEY HAD SOME DETAIL THAT I WON'T TRY TO GET TO BECAUSE STEVE KOVACH IS GOING TO DO THAT, ON ALL THE PROVISIONS THAT THEY HAVE IN THE GUIDANCE FOR MAKING GOOD WITH CUSTOMERS OVER THIS OUTAGE. HOW MUCH DO INVESTORS NEED TO KNOW BEFORE THEY CAN FEEL COMFORTABLE GETTING BACK INTO A STOCK LIKE THIS? >> SO I THINK IT'S BEEN, YOU KNOW, ABOUT A MONTH SINCE THE OUTAGE HERE, AND SO THE RAMIFICATIONS OF THAT AND THE DAMAGES OR WHAT THEY'RE GOING TO HAVE TO MAKE GOOD TO CUSTOMERS ON IS STILL UNSEEN. BUT WE HAVE TO REMEMBER BEFORE THIS HAPPENED, CROWDSTRIKE WAS FIRING ON ALL CYLINDERS, FUNDAMENTALS WERE VERY GOOD. SO IT'S GOING TO TAKE SOME TIME. BUT I THINK IF YOU LOOK BACK, IF YOU GO AHEAD LIKE TWO YEARS FROM NOW, 18 MONTHS FROM NOW, YOU'LL LOOK BACK WHERE WE ARE NOW, IT WOULD PROBABLY BE LOOKED AT AS A GOOD TIME TO BUY. IT'S RALLIED 33% OFF ITS LOWS, BUT IT'S STILL DOWN A THIRD FROM ITS HIGH BEFORE THE OUTAGE. IT'S GOING TO TREAD AROUND HERE FOR A WHILE, BUT LONGER-TERM THEY'LL GET BACK ON TRACK. >> WE TALKED ABOUT THE SECULAR GROWTH STORY IN AI. THE SECULAR GROWTH STORY OF CYBERSECURITY IS CROWDSTRIKE AND AI HERE. >> THERE'S A STRONG HEADWIND. GOING INTO THE JULY EVENT WE SAW PUBLIC CLOUD VENDORS AND SERVICERS REALLY INVESTING MONEY IN R&D IN THIS AREA. WE THINK THAT'S GOING TO BE FURTHER PERPETUATED BY AN EVENT LIKE JULY 19th. WE THINK IN TERMS OF A COMPETITIVE LANDSCAPE OR HEADWINDS FOR CROWDSTRIKE, THIS ONE, FOR US, IS NOT NECESSARILY AN AREA OF ENTRY

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